Mcx Gold April price is likely to face hurdle near 62,850 level and slip towards 62,200 levels - ICICI Direct
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Metal’s Outlook:
Bullion Outlook:
• Spot gold is likely to face the hurdle near $2045 level and slip towards $2020 level amid strong dollar and surge in US treasury yields. Dollar moved north to 8-week high as robust jobs report from US ruined any expectations of a near term interest rate cut from Federal Reserve. Additionally, US Federal Reserve Chair Powell signaled that policymakers would likely to wait beyond march to cut interest rates as they want to see more economic data to assure that price pressure is ebbing.
• MCX Gold April price is likely to face hurdle near 62,850 level and slip towards 62,200 levels
• MCX Silver is expected to follow gold and slid further towards 70,300 level as long as it sustains below 71,700 level.
Base Metal Outlook:
• Copper prices are expected to trade with negative bias amid strong dollar and concern over faltering growth in China. Further, investors fear that higher borrowing cost for longer duration across major economies would dampen economic growth and metal demand. Meanwhile, persistent decline in inventories at LME registered warehouses would prevent sharp fall in prices
• MCX Copper is expected to slip towards 714 level as long as it stays below 725 level. A move below 714 would open the doors for 710 levels.
• Aluminum is expected to slip further towards 199.50 level as long as it stays below 203.0 level.
Energy Outlook:
• NYMEX Crude oil is expected to slip further towards $71.0 as long as it stays below $73.50 level amid strong dollar and easing of tensions in Middle East. As per media reports Israeli and Hamas leaders were considering a ceasefire, leading to de-escalation in military tensions in the Middle East. Additionally, prices may slip on concerns about demand in China. Moreover, higher interest rates would dampen economic growth and oil demand, major economies like US and euro zone appear to hold rates steady for longer than expected period.
• MCX Crude oil is likely to slip further towards 5850 levels as long as it trades below 6150 levels.
• MCX Natural gas is expected to slip further towards 168 level as long as it trades below 180 level
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